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5/23, 2:49 PM (Source: TeleTrader)
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Austria releases alternative EU recovery plan

Austria, Sweden, Denmark, and the Netherlands formally called for a loans-based coronavirus recovery plan for the European Union on Saturday, according to a proposal published by the office of Austrian Chancellor Sebastian Kurz.

The four EU countries oppose the €500 billion plan laid out by French President Emmanuel Macron and German Chancellor Angela Merkel earlier this month which would offer grants to Europe's hardest-hit countries reeling from the coronavirus pandemic.

"We propose to create an Emergency Recovery Fund based on a ‘loans for loans’ approach," the four countries outlined in the two-page document. Additionally, these funds should be "directed towards activities that contribute most to the recovery such as research and innovation, enhanced resilience in the health sector and ensuring a green transition," the proposal said.

Breaking the News / JC